Back in September, Cyprus submitted an application to become part of the Schengen Area. A five-part evaluation process by the European Union is now well underway and it is expected that Cyprus will enter the Schengen area soon. This will have some very positive benefits both for Cypriots and those people investing in or relocating to Cyprus.
The Schengen Area is named after the town of Schengen in Luxembourg where the Schengen Agreement treaty was signed in 1985 to eliminate border checks across an area of Europe which was then referred to as the Schengen Area. The purpose of the Schengen Area is to create a single jurisdiction for travel, with a common visa policy. Currently, the area covers more than four million square kilometers, with around 400 million people living within the area boundaries, and 1.7 million people crossing a European border to go to work each day.
The Benefits of entering the Schengen Area
Being part of the Schengen Area has some interesting benefits, for citizens, businesses and the country as a whole including...
Reduced security costs to the nation
Once part of the Schengen Area, costs for patrolling borders are greatly reduced as there is no need to strictly patrol borders anymore. Of course, the Schengen Area has its’ own borders, and not every country, including islands such as Cyprus, will be on the Schengen Area border, and so the cost of maintaining and patrolling these borders is shared between all member countries in order to make this a fair system.
Increased ease of transportation of goods
Shipping goods within the Schengen Area becomes much easier and quicker. In the past, goods vehicles could have lengthy waits at border crossings, waits which have been completely eliminated within the Schengen Area. This increased speed of transportation helps to make transportation cheaper, but it also allows for easier transportation of perishable or time-sensitive goods.
Ease of travel
Travel within Europe becomes much easier within the Schengen Area. With no border issues, and little concern regarding visas or passports, the system is simpler, and people can travel freely. Even for those travelling from outside the Schengen Area to within it, travel is easier with the common visa system making travel far less complicated. This will be a boon for business travellers, and it will also make tourism to member countries more popular as it will be a stress-free option.
The long-term benefits of Cyprus entering the Schengen area are many and only add to the value of an investment in Cyprus, be it a luxury house or an apartment. On our website, you will find a plethora of properties with high investment potential and high R.O.I. in the best and more sought-after area in Cyprus, that of Famagusta with pristine beaches all over.